More than 40 years after passage of the Employee Retirement Income Security Act, the plan portability lawmakers envisioned for workers has been hampered by roll-in processes perceived as confusing by an increasingly mobile workforce.

That means too many participants are unnecessarily cashing out 401(k) assets when they change jobs, leaving valuable retirement money on the table, according to a study of participant behavior by Boston Research Technologies and Retirement Clearinghouse, a provider of plan-consolidation services to plan sponsors.

The survey of 5,000 participants showed that 34 percent of millennials, 34 percent of Gen Xers and 24 percent of baby boomers have cashed out plans at least once in their professional lives.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.